Ethereum Price Faces Crucial Test, Can ETH Clear This Hurdle To Kickstart Rally?

Ethereum’s price is currently consolidating above the $3,450 support level. In order to initiate a fresh increase, ETH needs to clear the resistance levels at $3,560 and $3,620. The cryptocurrency is currently trading above $3,500 and the 100-hourly Simple Moving Average, indicating a positive sentiment. However, there is a new bearish trend line forming with resistance at $3,550. If Ethereum manages to stay above the $3,420 support zone, it could potentially gain bullish momentum. On the upside, the first major resistance is at $3,620, followed by $3,650, and the key hurdle at $3,750. Breaking above these levels could lead to a significant rally, with the possibility of reaching $4,000. On the other hand, if ETH fails to clear the $3,550 resistance, it may experience another decline. The immediate support is at $3,500, followed by the major support levels at $3,475 and $3,420. It’s essential to consider conducting your own research before making any investment decisions.